Actuarial Fiscal Note

Date Requested:February 22, 2017
Time Requested:10:40 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2449 Introduced SB321
CBD Subject: Retirement, State Personnel

Retirement Systems Impacted by Legislation:

PERS, TRS, TDc, SPTA, SPTB, JRS, DSRS, EMSRS, MPFRS

FUND(S):



Sources of Revenue:

Other Fund N/A

Legislation creates:

Neither Program nor Fund



Actuarial Note Summary


Impact this measure will have on the liabilities and contributions associated with the retirement system(s).


    The bill provides that employers who participate in any of the Retirement Systems administered by CPRB be required to report information on all individuals employed, including but not limited to name, SSN, compensation, hire date, and other employment information.
    The plans will not incur any additional cost due to the changes proposed in this legislation.
    



Fiscal Detail of Actuarial Impact

Impact on current benefit costs, prior service benefit costs and ongoing contribution requirements following full implementation.


Impact On Following Full Implementation
Increase in Unfunded Actuarial Accrued Liability Initial Impact on Annual Contribution Requirement of System(s) Contribution Increase as a Percentage of Annual Payroll
Total Annual Costs $0.00 $0.00 0.00 %
Normal Cost of System N/A $0.00 0.00 %
Past Service Liabilities $0.00 $0.00 0.00 %
Fiscal Year Past Service
Amortization Period Ends
N/A N/A N/A


Explanation of above estimates:


    No additional costs will be incurred by the plans administered by the CPRB.

Analysis of Impact on Public Pension Policy:


    No changes in benefits are proposed by this legislation. The changes proposed in this bill are administrative only in nature. State and local employers that participate in any of the plans administered by CPRB would be required to report information that is not currently being reported, and so there are potential one-time costs to update computer systems and processes to include such information, but those costs are not within CPRB’s ability to estimate.



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    Changes are administrative in nature, and so there is no direct impact on any contribution requirement for the state to any of the plans administered by CPRB.
    Participating state agencies would be required to report information that is not currently being reported, and so there are potential one-time costs to update computer systems and processes to include such information, but those costs are not within CPRB’s ability to estimate.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


    Participating state agencies would be required to report information that is not currently being reported, and so there are potential one-time costs to update computer systems and processes to include such information, but those costs are not within CPRB’s ability to estimate.



Memorandum


    



    Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
    Email Address: melody.j.bailey@wv.gov